British fashion retailer Superdry has agreed to sell its intellectual property assets in the Asia Pacific (APAC) region to South Korean firm Cowell Fashion Company for $50m as part of its ongoing turnaround strategy.
Cowell will own and use the Superdry brand in key APAC markets, starting with South Korea and expanding to others including China.
Superdry said Cowell, which focuses on licensing and manufacturing apparel products for global brands, is “ideally positioned to appreciate and maximise Superdry’s potential across the region”.
The retailer will provide “certain support and know-how relating to the Superdry brand” to Cowell for two years following completion of the sale and receive a $1m management fee.
